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VRL Logistics has filed draft papers with the market regulator SEBI to raise funds through an initial public offer.
This is the company’s second attempt to enter the capital markets. Earlier in December 2010, the Karnataka-based company had filed draft documents with SEBI for an IPO of 2.35 crore equity shares.
VRL, leading transportation and logistics company, plans to hit the capital market with a fresh issue of equity shares worth Rs 142 crore and an offer for sale of up to 1.71 crore equity shares, as per the fresh draft red herring prospectus (DRHP) filed with Sebi.
The proceeds of the issue are to be utilised for expanding the company’s existing fleet of goods transportation vehicles, repayment of loan and for other general corporate purpose.
ICICI Securities Limited and HSBC Securities and Capital Markets (India) Private Limited are the merchant bankers for the issue.
“The issue comprises a fresh issue of equity shares by our company, aggregating Rs 1,420 million and an offer for sale of up to 17,116,000 equity shares by the selling shareholders,” VRL said.
The company plans to get listed on the National Stock Exchange and BSE.
VRL, which has a total fleet strength of over 3,400 vehicles, employs 15,000 people.
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